Brown & Brown (BRO) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$1.08

$1.00$1.17

vs $1.03+5.0%

17 analysts

Next Qtr

$1.08

$1.04$1.16

vs $1.05+3.0%

17 analysts

Current Yr

$4.50

$4.35$4.67

vs $4.26+5.5%

19 analysts

Next Yr

$4.86

$4.63$5.03

vs $4.50+8.2%

18 analysts

Revenue Estimates

Current Qtr

$1.73B

$1.68B$1.82B

vs $1.28B+34.4%

12 analysts

Next Qtr

$1.77B

$1.69B$1.83B

vs $1.61B+10.1%

12 analysts

Current Yr

$7.05B

$6.97B$7.14B

vs $5.90B+19.5%

14 analysts

Next Yr

$7.42B

$7.27B$7.60B

vs $7.05B+5.2%

14 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for BRO on EDGAR.

BRO filing events and research context
Filed	Item	Context
Feb 12, 2026	business	Brown & Brown, Inc. is a diversified insurance intermediary operating primarily as an agent or broker, though it maintains ancillary operations that assume underwriting risk through captives and the Wright National Flood Insurance Company. Following a 2025 reorganization, the company reports through two segments: Retail and Specialty Distribution. The Retail segment provides property, casualty, and employee benefits insurance, alongside non-insurance warranty services for automotive dealers. The Specialty Distribution segment, formed by consolidating programs and wholesale brokerage, acts as a managing general underwriter and wholesale broker for complex, hard-to-place risks, utilizing global markets including Lloyd’s. The company operates extensively across the United States and internationally, with significant revenue generated from its 712 total locations. Competition is intense, driven by large global firms, direct-to-consumer insurance carriers, and emerging technology-based platforms. Key risks include the regulatory complexity of licensing, the potential for market disruption by digital competitors, and the reliance on maintaining strong carrier relationships. Brown & Brown emphasizes a decentralized, meritocratic culture, supported by a high level of employee stock ownership. The company’s growth strategy relies heavily on acquisitions, having added nearly 5,800 teammates through 43 acquisitions in 2025 alone.
Feb 12, 2026	mda	Brown & Brown reported 2025 total revenues of $5.9 billion, a 22.8% increase over 2024, with net income attributable to the company rising 6.1% to $1.054 billion. Growth was primarily driven by acquisitions, most notably the purchase of RSC Topco (Accession), which contributed $836 million to core commissions and fees. However, organic revenue growth decelerated to 2.8% from 10.4% the previous year. The company operates through Retail and Specialty Distribution segments, utilizing brands such as Arrowhead Programs and Bridge Specialty Group. To finance its aggressive growth strategy, total debt increased to $7.6 billion as of December 31, 2025. Key financial risks include the integration of Accession, specifically underwriting risks within captive insurance facilities and the potential for impairment of its $15 billion in recorded goodwill. Geographic concentration remains high in Florida, California, New York, and the United Kingdom. Management is prioritizing the adoption of AI and robotic process automation to drive operational efficiency, while navigating risks of industry disintermediation and sophisticated cybersecurity threats. Regulatory headwinds include shifting ESG disclosure requirements and stringent global data privacy laws, such as GDPR.
Feb 12, 2026	risk_factors	The acquisition of Accession introduces significant integration challenges, underwriting risks from captive insurance companies, and potential IRS scrutiny regarding Section 831(b) elections. This transaction increased total debt to $7.6 billion as of December 31, 2025, increasing interest expenses and limiting financial flexibility. BRO’s revenue is heavily dependent on commissions, which are susceptible to "soft" market premium declines and disintermediation from self-insurance or direct-to-consumer digital platforms. Geographic concentration in Florida (16% of revenue), Michigan, and the United Kingdom (10%) exposes the company to regional economic volatility and natural disasters, specifically hurricanes and earthquakes. Technological risks include sophisticated cybersecurity threats exacerbated by generative AI and the complexity of integrating acquired IT systems. With $15 billion in recorded goodwill, the company faces potential impairment charges if growth slows or market conditions deteriorate. Regulatory burdens are extensive, spanning U.S. state-level oversight, the UK’s Financial Conduct Authority, and the EU’s GDPR and AI Act. Additionally, the company must manage strict debt covenants related to Consolidated EBITDA and interest expense ratios to avoid default. Finally, the business is vulnerable to the loss of key personnel and the volatility of profit-sharing contingent commissions.

Filed

Item

Context

Feb 12, 2026

business

Brown & Brown, Inc. is a diversified insurance intermediary operating primarily as an agent or broker, though it maintains ancillary operations that assume underwriting risk through captives and the Wright National Flood Insurance Company. Following a 2025 reorganization, the company reports through two segments: Retail and Specialty Distribution. The Retail segment provides property, casualty, and employee benefits insurance, alongside non-insurance warranty services for automotive dealers. The Specialty Distribution segment, formed by consolidating programs and wholesale brokerage, acts as a managing general underwriter and wholesale broker for complex, hard-to-place risks, utilizing global markets including Lloyd’s. The company operates extensively across the United States and internationally, with significant revenue generated from its 712 total locations. Competition is intense, driven by large global firms, direct-to-consumer insurance carriers, and emerging technology-based platforms. Key risks include the regulatory complexity of licensing, the potential for market disruption by digital competitors, and the reliance on maintaining strong carrier relationships. Brown & Brown emphasizes a decentralized, meritocratic culture, supported by a high level of employee stock ownership. The company’s growth strategy relies heavily on acquisitions, having added nearly 5,800 teammates through 43 acquisitions in 2025 alone.

Feb 12, 2026

mda

Brown & Brown reported 2025 total revenues of $5.9 billion, a 22.8% increase over 2024, with net income attributable to the company rising 6.1% to $1.054 billion. Growth was primarily driven by acquisitions, most notably the purchase of RSC Topco (Accession), which contributed $836 million to core commissions and fees. However, organic revenue growth decelerated to 2.8% from 10.4% the previous year. The company operates through Retail and Specialty Distribution segments, utilizing brands such as Arrowhead Programs and Bridge Specialty Group. To finance its aggressive growth strategy, total debt increased to $7.6 billion as of December 31, 2025. Key financial risks include the integration of Accession, specifically underwriting risks within captive insurance facilities and the potential for impairment of its $15 billion in recorded goodwill. Geographic concentration remains high in Florida, California, New York, and the United Kingdom. Management is prioritizing the adoption of AI and robotic process automation to drive operational efficiency, while navigating risks of industry disintermediation and sophisticated cybersecurity threats. Regulatory headwinds include shifting ESG disclosure requirements and stringent global data privacy laws, such as GDPR.

Feb 12, 2026

risk_factors

The acquisition of Accession introduces significant integration challenges, underwriting risks from captive insurance companies, and potential IRS scrutiny regarding Section 831(b) elections. This transaction increased total debt to $7.6 billion as of December 31, 2025, increasing interest expenses and limiting financial flexibility. BRO’s revenue is heavily dependent on commissions, which are susceptible to "soft" market premium declines and disintermediation from self-insurance or direct-to-consumer digital platforms. Geographic concentration in Florida (16% of revenue), Michigan, and the United Kingdom (10%) exposes the company to regional economic volatility and natural disasters, specifically hurricanes and earthquakes. Technological risks include sophisticated cybersecurity threats exacerbated by generative AI and the complexity of integrating acquired IT systems. With $15 billion in recorded goodwill, the company faces potential impairment charges if growth slows or market conditions deteriorate. Regulatory burdens are extensive, spanning U.S. state-level oversight, the UK’s Financial Conduct Authority, and the EU’s GDPR and AI Act. Additionally, the company must manage strict debt covenants related to Consolidated EBITDA and interest expense ratios to avoid default. Finally, the business is vulnerable to the loss of key personnel and the volatility of profit-sharing contingent commissions.

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BRO filing events and research context

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